Monday’s Headlines: A Return to Normality?
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Yext (YEXT) +17.5%
Veeva Systems (VEEV) +10.1%
Salesforce (CRM) +5.4%
Lemonade (LMND) +5.2%
Ulta Beauty (ULTA) +5.2%
Moving Down ⬇️
IMAX (IMAX) -4.3%
Sea Limited (SE) -2.8%
GoPro (GPRO) -2.4%
Costco (COST) -2.4%
Baozun (BZUN) -2.4%
Don’t forget that the stock market is closed today in observance of Memorial Day. The markets will reopen tomorrow, June 1, at 9:30 AM EST, as normal.
1. Optimism is high in the U.S. as daily COVID-19 cases reported on Saturday were the lowest since March 23, 2020. This optimism coincides with the highest levels of air travel taking place during the Memorial Day long weekend, hopefully kicking off a strong start to June when the markets reopen tomorrow — a time of the year not traditionally associated with strong stock performances. With any luck, the market will build on the strong momentum it gained last week, where all three major indexes closed in the green after several weeks of losses. You can read more about what’s coming up for the market here.
2. Tesla (TSLA) is beginning to take serious steps in managing Autopilot concerns by using cabin cameras in its vehicles. The move to monitor driver alertness comes in the midst of numerous complaints against the company’s autonomous Autopilot feature, which has been allegedly responsible for several accidents. It’s not clear if this new camera monitoring system will meet federal approval in relation to the safety of Autopilot, but Tesla will need to stay on investigators’ good side if it wishes to keep using the feature in its cars. Read more here.
3. A new federal bill put forth by U.S. senators could have major implications for the likes of Facebook (FB), Twitter (TWTR), and Google (GOOG). The Algorithmic Justice and Online Platform Transparency Act of 2021 would prohibit platforms from using algorithms that discriminate based on protected characteristics like race and gender, empower the FTC to review algorithmic processes, and create a new inter-agency task force to investigate discrimination in algorithms. Algorithms are part of social media and data firms’ programs used to determine which content and advertisements to show users, so any changes could impact that all-important ad revenue. Read the full report here.
Get this week’s full earnings calendar here.